The Brookhaven leader., 1887-06-30
FURRY IN WALL STREET.
A ftapid Decline In Stocks Almost Creates
4 Panie-Heavy Losses but no Failures

A ftapid Decline In Stocks Almost Creates
4 Panie-Heavy Losses but no Failures
Reported
New York, June 25-Iu Wsil street yes
terday morning there was q very unstesdy
feeling which soon grew into an excitement
which reached its greatest height shortly
before noon and a veritable panic was de-
veloped. No attention was paid by brokers
to fractions in sales made by them and the
fluctuations were 80 wild that sales were
from 5 to 10 per cent. apart Stocks
bought near the opening were thrown over
when the break occurred and this feeling
completely dstn1rahzed Spectators. The
marking down of ioars and the de-
livery OF orders kept clerks spd mes
sengers fully as busy as brokers'
and the street was the scene of more ex-
element than had been witnessed since
the panic il May, 1856. The greatest de-
cline reached we're IN Manhattan 401< to
ll6; Missouri Pacific. II 20 931<. Cotton
seed, to 80; Richmond Terminal 72f to u; {;
New England. to 45sI, and Lake Eris and
Western, 3 TO 531I.
1t was understood that the break was
caused by the report that Jay Gould was
dead and Western UnIon fell from IS to 6S,
but soon began recovering rs 1t was known
that Gould was at his offfce Other stocks
followed fast and in ten minutes after hooB
the furry seemed to be over, as the whole
list was moving up to its former figures,
thou gh money is tight and scarce at and
per cent
Between eleven and twelve o'clock the
stock market was very active, and though
there was a slight rally, it was quickly
ended and the decline was renewed with
added force. The sensation of the hour
was drop in Manhattan from 1861 at the
opening and 1854 by eleven o'clock to 100.
1t then recov cred to l9O ana declined again
to l25 Fluctuations We're no longer meas
ured by fractions IN the general tst, and
the losses for the hour ranged to 10 ard -
per cent, Missouri Pacific being specially
prominent.
When delivery hour passed at the Stock
Exchange without bringing the announce
ments of any failures the street became
more confident and buying orders were
received from all sources.
The following review was issued by
Henry Clews & Co.: 'The surge in the
market should not have been unexpected,
as every day for a fortnight or more past
we are oil record as predicting just such
backset as Wall street has now met with.
The effect will be beneficial, however, as it
tlement. If the day of reckoning had been
| deferred to the crop moving season instead
of today further trouble must have re-
suited here and elsewhere The stock
market, not unlike that of the wheat and
coffee markets, is likely to be more or less
dazed for several days to come, as natu-
raj sequence of to-day's shock, occasioned
by the heavy losses which innumerable
operators have met with. There are
too many cripples, we fear, left on the field
for the survivors to march over at a quick
active pace on the way to recuperation.
Still Wall street is going to stay Just where
, it is and will survive this shock and wit
ness many ups and downs in the future.
The way to make money is TO catch the
| fluctuations There has undou btedly been
for long time past lack of fluctuations,
showing an unnatural market. It's slug
gishGess has been due to that fact. When
stocks won't go up the next best thing is
to make them go down to insure activity.
They have Just gone down"